Princess Yachts back in profit after jobs cull

STONEHOUSE COMPANY TURNS £23M LOSS INTO £5M PROFIT

- By WILLIAM TELFORD

PLYMOUTH luxury boat builder Princess Yachts has bounced back into profit after making hundreds of redundancies following heavy losses.

The Stonehouse-headquartered manufacturer implemented a turnaround plan which has seen it report a profit of more than £4.9m for 2024 after making a £23m loss the previous year amid “challenging market conditions”

Accounts newly filed at Companies House by Mayflower Bidco Ltd, the holding company which controls four key active subsidiaries, including manufacturing and sales companies in Hong Kong and the USA, show it saw revenue rise by more than £100m to £378m. Earnings before interest, tax, depreciation and amortisation (EBITDA), a key metric for the company, jumped to £34.5m from £6.8m a year earlier.

The company, seen as the leading manufacturer of 40ft to 100ft yachts, put the success down to a turnaround plan which saw 240 production staff lose their jobs and total headcount fall to 2,889 from 3,146.